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Credit
Report Prepared for:
JOHN SAMPLE
| Prepared
on: 8/27/2002 |
Expires
on: 9/26/2002
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Credit
Rating
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| So
that you may better understand how most potential lender's will see you,
we have analyzed your credit report. Below is a summary detailing your
personal credit situation.
Our analysis of your credit report deems your overall credit
worthiness as:
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Fair
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| What
Does My Credit Rating Mean? |
| Your personalized
credit analysis is based on the information in your credit
bureau record. Your Credit Rating is an overall summary of your
credit worthiness. Higher ratings are better. With a high
rating, you have a good chance of getting the credit and loan(s)
you want. Your score or rating is not the only thing lenders
look at when making their decision. Other information is also
evaluated like account balances, payment patterns and monthly
credit payment amounts.
Currently, your Credit Rating is Fair. This will make it
difficult for you to get the best offers, especially for credit
cards. Be prepared to pay higher fees and interest rates as well
as make deposits and down payments. Also, you may not be able to
get high credit limits and/or high loan amounts. If you
demonstrate that you are reliable by always paying your bills on
time, your credit score can improve significantly within a year.
Check the Factors That Affect Your Credit section to find out
specifically what is affecting your credit rating. |
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| Personalized
Credit Analysis |
Credit Summary
JOHN SAMPLE, your credit file was opened on 1/11/1997 when you
opened your DINERS CLUB account. As of today, you currently have
3 accounts listed on your credit file with a combined
outstanding balance of $2,050.00 with monthly payments of
$43.00. The following 3 creditors have recorded at least one
late payment:
- MASTERCAD
- VISA
- DINERS CLUB
Your file was last updated by
creditors on 8/27/2002 and now reflects a total of 3 payment(s)
that were 30 days late, 2 payments that were 60 days late and 2
payments that were 90 or more days late. You currently owe a
total of $0.00 to creditors that you have not paid in over 120
days. A $11,500.00 credit limit has been made available to you,
of which, you are currently utilizing 17.83% percent. |
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| Factors
that Affect your Credit Rating |
Frequent Delinquency
You have 7 delinquent payments recorded on your credit file.
Your failure to consistently pay at least one of your creditors
in the manner in which you agreed to when you received credit
may increase your cost in obtaining a loan or credit card
account in the future as well as affect the current rates of
interest on your existing accounts. Making payments according to
the terms of your agreement with your creditor over an extended
period of time will eliminate this problem.
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Too many accounts with a
balance
3 of your 3 account(s) have a balance. You have an excessive
amount of accounts with a balance in your account history.
Bringing one or more of your accounts to a zero balance will
eliminate this problem.
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Accounts too recent
The average period over which your accounts have been reported
to the credit bureau is 168 months. Your credit report contains
one or more accounts that have been recently opened. The length
of time since the accounts have been established has not been
sufficient enough for your creditors to properly report the
status of your accounts. Keeping your accounts up-to-date over
an extended period of time will eliminate this problem and
increase your credit worthiness in the eyes of future lenders.
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Date of last Credit Check too
Recent
A B C INQUIRIES recently performed a credit check on 6/12/2002.
You have recently applied for credit. Creditors often view
numerous credit applications in a short period of time as high
risk indicators, as you may obtain access to more funds than you
can afford to pay back under the agreed terms leaving lenders
exposed to a potential loss. Decreasing the amount of credit
applications you complete within a six month period will
eliminate this problem.
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Recent derogatory public
record or collection
You currently have 1 legal or registered item entries on your
credit file. You failed to pay one or more creditors in the
manner in which you agreed to when you obtained the credit. Your
creditors are pursuing legal avenues and/or have hired a
collection agency in an effort to be repaid by you. Legal
filings and or recent collection activity may adversely affect
your credit worthiness in the eyes of potential lenders and in
most cases will result in denial or higher cost of obtaining
credit. Making payments according to the terms of your agreement
with your creditor over an extended period of time will
eliminate this problem.
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Too few bank revolving, or
other revolving accounts
You have 3 credit card or credit line accounts listed on your
credit report. You require additional recent credit card payment
activity. You may already have a credit card account, however
lenders are reluctant to gauge your credit worthiness on the
basis of one or two credit references. Opening additional credit
card accounts and keeping them up-to-date over an extended
period of time will eliminate this problem.
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Derogatory public record or
collection filed
Your creditors are pursuing legal avenues and/or have hired a
collection agency in an effort to be repaid by you. Legal
filings and or recent collection activity may adversely affect
your credit worthiness in the eyes of potential lenders and in
most cases will result in denial or a higher cost of obtaining
credit. Paying your outstanding balance in full as well as
accrued interest will help you appease creditors and get you
back on track.
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Bankruptcy
You have declared bankruptcy within the last 14 years.
Bankruptcy will adversely affect your credit worthiness in the
eyes of potential lenders and in most cases will result in
denial or a higher cost of obtaining credit. In order to obtain
credit you may have to provide security, such as personal assets
or cash deposits. In extreme cases, creditors may also require a
co-signer.
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| Missing
or outdated information |
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An estimated 48% of credit
reports contain inaccuracies or errors. It's important to
correct these errors and update the credit bureau before they
impact your buying power and credit rating.
The information reported in a credit file is provided to the
credit bureau by credit grantors, federal and provincial
government offices and public registries. The details relating
to manner of payment and historical status reflect the actual
manner in which you paid your accounts. The credit bureau cannot
alter in any way the information reported, unless the
information is determined to be wrong, incomplete or otherwise
inaccurate. You have the right, as a consumer, to dispute
information contained in your credit file. For consumers who
wish to dispute any information, the credit bureau will conduct
an investigation for verification and resolution.
In order to aid you in determining the accuracy and completeness
of your file, below is information identifying areas of your
credit report that appear to be incomplete or inaccurate:
- Social Insurance Number
- Bankruptcy
- Credit Card Information
- Current Employer
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Updating your file with the
correct personal information will help creditors make the most
accurate decision about you. Please visit the Credit
Information Center to learn how to update and dispute
inaccuracies on your credit report.
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